The Crypto Daily – Movers and Shakers – November 5th, 2021
Bitcoin, BTC to USD, fell by 2.35% on Thursday. Following a 0.55% decline on Wednesday, Bitcoin ended the day at $61,414.9.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $63,067.0 before hitting reverse.
Falling short of the first major resistance level at $64,252, Bitcoin slid to a late intraday low $60,700.0.
Bitcoin fell through the first mayor support level at $60,862 before a partial recovery to $61,400 levels.
The near-term bullish trend remained intact, supported the latest return to $66,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Thursday.
It was a bearish day for the rest of the majors, however.
Ripple’s XRP fell by a more modest 0.79%, however.
In the current week, the crypto total market fell to a Monday low $2,527bn before rising to a Wednesday high $2,804bn. At the time of writing, the total market cap stood at $2,693bn.
Bitcoin’s dominance rose to a Monday high 44.39% before falling to a Wednesday low 42.76%. At the time of writing, Bitcoin’s dominance stood at 43.01%.
At the time of writing, Bitcoin was down by 0.09% to $61,361.0. A mixed start to the day saw Bitcoin fall to an early morning low $61,336.0 before rising to a high $61,497.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin bucked the early trend, rising by 2.59%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was down by 0.93% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $61,727 pivot to bring the first major resistance level at $62,755 into play.
Support from the broader market would be needed for Bitcoin to break back through to $62,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $63,067.0 would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $64,094.
Failure to move through the $61,727 pivot would bring the first major support level at $60,388 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, however. The second major support level at $59,360 should limit the downside.